11-10-2008, 12:42 PM
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 Re: Taxes on sale of part of a property? On Nov 9, 10:25*pm, "jack" <j...[at]yahoo.org> wrote: - quote - > I bought land and a house 10 years ago. *Someone wants to buy most of the
The original purchase price will have to be allocated among the two> land, but not the house at a price rather higher than I paid for the whole > property. *(that probably won't surprise most of you, but around here > property hasn't gone up in value for about 15 years) > How do I handle taxes on it? *It is a reasonably unique property (as I found > out when I tried to contest the assessment a few years ago. My lawyer > contacted the best appraiser in the area who said he didn't want to take my > money when he couldn't give me a meaningful appraisal.) so it is just a wild > guess what the remaining property is worth. *Likewise, it would just be a > wild guess as to what the two parcels were worth 10 years ago. parcels of land and the house. I suggest using real estate assessments from 10 years ago to get the relative proportions. Your gain, reported on Schedule D, will be net proceeds less allocated basis. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
11-10-2008, 02:25 AM
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| Taxes on sale of part of a property? I bought land and a house 10 years ago. Someone wants to buy most of the land, but not the house at a price rather higher than I paid for the whole property. (that probably won't surprise most of you, but around here property hasn't gone up in value for about 15 years) How do I handle taxes on it? It is a reasonably unique property (as I found out when I tried to contest the assessment a few years ago. My lawyer contacted the best appraiser in the area who said he didn't want to take my money when he couldn't give me a meaningful appraisal.) so it is just a wild guess what the remaining property is worth. Likewise, it would just be a wild guess as to what the two parcels were worth 10 years ago. I suppose the IRS wouldn't be in any better position. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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